Current price July 8, 2026: How much is gold worth?
On Wednesday, gold futures (August expiry) on the MCX opened at Rs 1,44,800 per 10 grams, down from Rs 1,47,378 in the previous session. Silver (September expiry) came in at Rs 2,28,925 per kg, down from Rs 2,30,857 on Tuesday.
In Delhi, 24-carat gold is priced at Rs 1,16,320 per 8 grams, while in Mumbai it is priced at Rs 1,16,200 per 8 grams. In the previous trade, gold had declined by Rs 2,578 and silver by Rs 8,485 per kg.
The 4 main reasons for the decline
There are four main reasons for this decline: First, the US has launched new attacks on Iran, causing oil prices to rise and the dollar to strengthen. Second, rising inflation has increased the likelihood that the US Federal Reserve will raise interest rates in September (by more than 67%).
Third, the minutes of the Fed meeting (June 16-17) are scheduled for release on Wednesday, and the market awaits them. Fourth, the attractiveness of investing in gold and silver has declined amid a stronger dollar and bond yields.
The silver lining? Silver at Rs 2.28 lakh
The price of silver reached a peak of Rs 4 lakh per kg in January 2026, but it is now at Rs 2.28 lakh. That is, in just 6 months, silver has become about 43% cheaper.
This decline is being described as the bursting of a silver bubble. According to experts, the price of silver is likely to fall further if it goes below Rs 2,30,000.
Gold declines by Rs 50,000
In January 2026, gold crossed the historic level of Rs 2 lakh, but it has now come down to Rs 1,44,800. Its support levels are in the range of Rs 1,44,400 - 1,43,550. If it breaks even at Rs 1,43,500, there could be a further fall.
Do you have to buy now?
Experts advise avoiding new positions at the moment. According to a CNBC-TV18 report, DSP Netra believes that gold is 10.7 per cent below its fair value and silver 21.8 per cent below its fair value, but don't make overweight investments just yet.
However, Manoj Kumar Jain of Prithvi Finmart says that the dip can be bought on the support of Rs 1,44,400 - 1,43,550
Could there be further downgrades?
Yes, there is a possibility. There is uncertainty about US interest rates. The market may fluctuate after the FOMC minutes. If interest rates rise, gold could decline further. According to experts, MCX gold can go below 1,44,000 - 1,43,500. Therefore, it is important to understand market trends before making a hasty purchase.
Conclusion
The fall in gold and silver prices has unnerved the investors. Gold has almost halved to Rs 50,000, and silver has fallen from January's record high. However, experts believe that further declines are still possible, especially if US interest rates rise. If you are thinking of buying jewellery, then you can wait a little.
Consider small purchases as a possible source of support for investment. Only time will tell when gold and silver prices will come down, but for now, the focus is on the US Fed minutes and the geopolitical situation. Stay tuned to timesbull.com for accurate market analysis, investment advice and the latest updates.
Note: Consult an expert before buying gold or silver ETFs. Prices will continue to fluctuate.